Continental tweaks sales guidance lower on euro

FrankfurtBureau

German automotive supplier Continental AG (CON.XE) tweaked sales guidance lower for the full year, due to a stronger euro, despite higher earnings before interest and tax.

MAIN FACTS:

-Continental revised down sales guidance to around 33.5 billion euro ($45.2 billion) from a previous target of EUR34 billion, "due to the unexpectedly high appreciation of the euro against many other currencies."

-However the group projected an EBIT margin for the year of at least 10.5%, more optimistic than a previous forecast of over 10%.

-Third quarter net profit eased 3.4% from the year earlier quarter, to EUR434.1 million, but over the first nine months of the year it was up 8.5%, to EUR1.58 billion.

-Revenue came to EUR8.35 billion in the third quarter, up 2.6% from the year-earlier quarter.

-"Despite the weaker European automotive market, we continued on our successful path. In the meantime, however, we are experiencing a stabilization of the business trend in Europe," Chief Executive Officer Elmar Degenhart said.

-At the end of September, the company's net debt stood at EUR5.59 billion, down 18% on the year.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.